OPINION: DEEP TECH STARTUPS TAKING BRAVE RISKS
Current Affairs for 03rd August, 2023
OPINION: DEEP TECH STARTUPS TAKING BRAVE RISKS
Deep tech or deep technology refers to a class of startup businesses that develop new offerings based on tangible engineering innovation or scientific discoveries and advances.
Today, there are more than one lakh startups recognized by the government, with about half of them coming from Tier 2 and Tier 3 cities. The Startup movement is going beyond the consumer Internet and e-commerce to deep technology areas such as space and remote sensing, AI and robotics, biotechnology and pharma, electric vehicles, drones, defence, semiconductors, and many more.
Successes stories include IIT Madras' Research Park, which has incubated over 200 deep tech companies that show how science in public-funded institutions can reach citizens and consumers through startups. However, talent and market access, research guidance, investors’ understanding of deep-tech, customer acquisition and cost for talent are the major challenges faced by them.